Apple Used Loopholes To Skip Paying U.S. Taxes On $44 Billion In Offshore Income

Apple relied on a “complex web of offshore entities” and U.S. tax loopholes to avoid paying billions of dollars in U.S. taxes on $44 billion in offshore income over the past four years, according to excerpts from a Senate subcommittee report to be released tomorrow as Apple CEO Tim Cook testifies on the company’s overseas operations.

“Apple wasn’t satisfied with shifting its profits to a low-tax offshore tax haven,” Sen. Levin said in today’s statement. “Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars, while claiming to be tax resident nowhere.”